Cleary Gottlieb is representing Tempur Sealy International Inc. (Tempur Sealy), which announced on March 27, 2020, that the board of directors has approved the adoption of a limited duration shareholder rights plan and declared a dividend distribution of one right for each outstanding share of common stock.
The record date for such dividend distribution is April 7, 2020.
The adoption of the rights plan is intended to protect Tempur Sealy and its stockholders from the actions of third parties that the board of directors determines are not in the best interests of Tempur Sealy and its stockholders, and to enable all stockholders to realize the long-term value of their investment in Tempur Sealy.
Tempur Sealy develops, manufactures, and markets mattresses, foundations, pillows, and other products.
For more information, please see the press release here.